Locum Tenen's Taxes
American Dream CPA is a proactive CPA firm that has the knowledge and expertise of working with Locum Tenens. We are familiar with the challenges of your profession and your sacrifices, which often are abused by the system. You lose 60% of your income to reimbursements and pay 40% of the balance to taxes. Our expertise is in lowering your taxes, which will improve your quality of life.
Here's How We Can Help
Physicians can become unhappy and depressed due to a variety of factors, but their job and finances are often the top two causes. We will give you the same tax benefits corporations receive along with individual benefits. Corporations pay substantially lower taxes than individuals because they use a separate tax system. Corporations hire lobbyists, buy political influence and get unbelievable tax benefits.
To take advantage of both tax systems, your medical practice should file a separate S Corporation return in addition to your individual return.
Like a Skilled Surgeon
Your tax pain is like that of an infected appendix. When necessary, it can be removed. Our Self-Employed Program is like an appendectomy in that it removes the source of pain. To minimize your tax pain, we take care of everything – tax planning and preparation, bookkeeping, payroll, and encouraging you to take full advantage of the tax system and use both the individual and corporate tax systems properly.
Like a skilled surgeon removing an appendix, when we do the procedures, your prognosis for recovery is excellent.
The program American Dream CPA offers includes several tax benefits specifically tailored for locum tenens professionals:
Business travel deductions: Locum tenens physicians can deduct the cost of driving their own car to assignments, including fuel, car insurance, and even the cost of a rental car if applicable.
Meal deductions: The cost of meals while traveling for work can be deducted, which is particularly advantageous when working in cities with high living costs.
Continuing Medical Education (CME) deductions: The expenses related to attending CME conferences or courses can be fully deducted.
Deductions for gadgets, equipment, and clothes: The cost of work-related items such as phones, tablets, computers, stethoscopes, scrubs, and medical equipment can be deducted.
Free or reduced lodging deductions: While lodging costs may be covered by locum tenens agencies, any personal hotel expenses related to acquiring or working during an assignment can be tax-deductible.
Home office deductions: Locum tenens doctors can deduct a portion of their rent or mortgage, utilities (including internet), and other home office expenses if they perform work-related tasks from home.
Health insurance deductions: Locum tenens physicians can obtain health insurance in the marketplace and deduct it as a business expense.
A specialized CPA firm is your best solution. We are passionate about removing your tax pain. Our tax strategy will achieve the lowest possible tax over the long term in a changing environment. Our successful track record over decades demonstrates our methods work while our expertise and efficiency keep our fees reasonable.
Adrian Keith Skane, Senior Partner, CPA
